HVAC Residential Market / HVAC Light Commercial Market / HVAC Commercial Market

Construction Spending Soars in January

Analysis Reveals Largest Year-to-Year Increase Since 2006

Construction Spending Soars in JanuaryARLINGTON, Va. — Total construction spending in January 2014 posted the largest year-over-year increase since 2006, with growth in public construction as well as private residential and nonresidential spending, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC).

“Contractors are clearly more optimistic about the outlook for private nonresidential markets this year, as shown by their upbeat answers to an AGC survey in January,” said Ken Simonson, the association’s chief economist. “In addition, apartment construction is still very strong in much of the country and homebuilding should remain positive.”

Construction put in place totaled $943 billion in January, 0.1 percent higher than the December total, which was revised up $12 billion from the initial estimate. The January mark was 9.3 percent higher than January 2013, the fastest rate of growth for total construction spending since May 2006.

“Overall construction spending increased in January compared with both December and January 2013 despite uncommonly adverse weather conditions,” said Simonson. “The monthly gains were limited to homebuilding and multifamily residential construction, although private nonresidential work should rebound in the next few months. Public construction is up for now on a year-over-year basis, but funding
remains questionable.”

Private residential construction spending increased by 1.1 percent in January and jumped 15 percent over 12 months. Private nonresidential spending slipped 0.2 percent for the month, but rose 9.7 percent compared to January 2013. Public construction spending decreased 0.8 percent for the month, but was up 2.5 percent from a year earlier.

Publication date: 3/24/2014 

Want more HVAC industry news and information? Join The NEWS on Facebook, Twitter, and LinkedIn today!

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 World Energy Engineering Congress

Scenes from the 2014 World Energy Engineering Congress in Washington, D.C.

Podcasts

NEWSMakers: Greenheck Mixed Flow Fan, Model EQB

Shane Dock, Application Engineer at Greenheck, will introduce you to Greenheck’s new EQB mixed flow fan. We’ll discuss what the features of the EQB’s innovative design, what kinds of applications can utilize the EQB, and why the EQB is an attractive inline choice for your customers’ projects.  Dock is currently focused on applications regarding inline fans, gravity ventilators, and electrical products. Posted March 4th.

Sponsor:



 

More Podcasts

ACHRNEWS

NEWS 03-02-15 cover

2015 March 2

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

HVAC Trends

The NEWS regularly reports on HVAC industry trends in our weekly issues. What trends do you see?
View Results Poll Archive

HVACR INDUSTRY STORE

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con